Republicans Claim Credit for Clinton Surpluses
In a sign that some folks don't know the first rule about the old adage "when you're in a hole, the first thing you do is stop digging", Texas Congressman Jeb Hensarling has come back for a second heaping of digging in deeper. According to the Congressmen the end of the Bush Administration deficits were all a result of Democratic legacies from the Clinton years. A closer look at the facts, will reveal something completely different.
Still smarting after his budgetary beat down at the hands of President Obama Friday, Texas Congressman Jeb Hensarling and the Republican Study Committee this weekend invited a second round of punishment. "I stand by what I said," Hensarling said Saturday, referring to his manifestly ridiculous claim the previous day that "the old annual deficits under Republicans have now become the monthly deficits under Democrats." As it turns out, he wasn't talking about the red ink Republican George W. Bush. What he meant, Hensarling instead made clear, is the House GOP is now taking credit for the budget surpluses of the Clinton years, surpluses fueled in part by the 1993 deficit reduction package every single Republican in Congress voted against.
As sentient Americans will recall, the U.S. national debt tripled under Ronald Reagan only to double again George W. Bush. In between, President Clinton erased the GOP budget deficits, producing a $236 billion surplus by his last year in office and leaving Bush a 10 year forecasted surplus of $5.6 trillion.